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American investment company ALK Capital has finally completed its acquisition of Burnley in a deal believed to be worth close to £ 200 million.
Talks about a possible acquisition had been ongoing for more than 14 months, but the COVID-19 outbreak forced both parties to delay their negotiations while monitoring the financial impact of the situation.
However, things started to pick up speed again in early December, and it has now been confirmed that ALK Capital’s sports investment arm, Velocity Sports Partners, has acquired an 84% stake in the club.
Former Chairman Mike Garlick will be replaced by Alan Pace, but ALK Capital confirmed in a statement (via Sky Sports News) that Garlick and former shareholder John Banaszkiewicz will retain boardroom seats to ease the transition.
“At Alan Pace and his team, we are welcoming committed investors to Turf Moor who will live here in the local community and invest in the club, both on and off the football field, for many years to come,” he said. Garlick.
“My term as president has always been to ensure that Burnley is a sustainable football club, and this investment provides a long-term plan to uphold that philosophy, while driving evolution and innovation.”
Pace added: “Today marks a new era for Burnley as we become stewards of this historic football club and build on the impressive work that Mike Garlick, Sean Dyche and everyone at Burnley have done to make it a Premier club. Established and financially stable League that is a cornerstone of the local community.
“With a rich heritage, a brilliant academy and a passionate fan base, this club has a solid foundation to build on.”
One of the group’s first orders of business is expected to be to arrange a meeting with Dyche to discuss his plans for the January transfer window, in which the chief is expected to have financial backing.
In August 2020, ALK invested in two London-based tech companies that are heavily involved in analyzing data and predicting player progression, AiScout and Player LENS, which could get Burnley to follow companies like Brentford. and Midtjylland to become a data-driven club.
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